Microgen, UK-based enterprise software provider, has signed an agreement to acquire Unity Software, a Jersey-based provider of wealth management software for the offshore finance industry.

The acquisition will comprise a consideration of £1.3m payable in cash on completion, with adjustment for excess cash in the business at completion, reported StockMarketWire.

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As part of the deal, Unity will be merged into Microgen’s financial systems business.

The acquisition will provide Microgen with an increased client and recurring revenue base as well as an office in Jersey.

Microgen said that it is further seeking acquisitions in the wealth management sector.